Arbeitspapier
Revisiting, from a Frischian point of view, the relationship between elasticities of intratemporal and intertemporal substitution
How are substitution in the spatial and in the temporal sense connected? Can estimates based on data with spatial variation be transmitted into values appropriate for exploring temporal variation, and vice versa? This paper, building on, inter alia, Frisch (1959), attempts to give some clarifications and provides elements of a synthesis. The income elasticity of the marginal utility of income, whose inverse is often called the 'Frisch parameter', and its multi-period counterpart, the wealth elasticity of the marginal utility of wealth, are key concepts. Three cases with additive preferences are discussed, and in that context the role of the (generalized) 'Frisch parameter' as an overall measure of substitution across commodities and over time is reconsidered.
- Sprache
-
Englisch
- Erschienen in
-
Series: Memorandum ; No. 04/2017
- Klassifikation
-
Wirtschaft
Consumer Economics: Theory
Consumer Economics: Empirical Analysis
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
- Thema
-
Frisch elasticity
Frisch demand
Intertemporal substitution
Additive preferences
Hometheticity
Marginal utility of income
Marginal utility of wealth
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Biørn, Erik
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Oslo, Department of Economics
- (wo)
-
Oslo
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:23 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Biørn, Erik
- University of Oslo, Department of Economics
Entstanden
- 2017
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